# Placebo / Permutation Test (Z_1 → gross_assets_gdp)

*Z_1 shuffled within year across countries, 1000 permutations*

| Statistic | Value |
|---|---|
| True Z_1 coefficient | -1396.6686 |
| Permutation mean | 0.0495 |
| Permutation SD | 0.9413 |
| Permutation p-value (two-sided) | 0.0000 |
| % more extreme than true | 0.0% |

*Permutation p-value: 0.0000 (rejects null of no relationship)*